内容摘要 Endogenous growth comparative static changes in the goods sector and human capital sector productivities, AG and AH, can be used to provide an explanation of business cycles that improves upon the exogenous growth dynamic model. For an expansion, in the exogenous growth dynamic model the comparative static increase in AG causes the wage and output but not employment to rise. Therefore the change in the time endowment T was added. An increase in T causes employment to rise but the wage rate to stay unchanged.Combining these two comparative statics allows for the basic facts of the business cycle to be replicated of a rising output, employment and wage rate. However the consumption to output ratio does not change from either a change in AG or in T. For a contraction decreases in AG and T cause output, employment and the wage rate to fall. In endogenous growth, the comparative statics are different. Here a change in AH causes an endogenous change in time left for goods and leisure. If AH goes down, then time in human capital investment, 1Ht, goes down as well. ……
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